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Neena Shukla, CPA, CFE, CGMA, FCPA

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Neena Shukla, CPA, CFE, CGMA, FCPA

TITLE: Partner, Government Contracting Team Leader
LOCATION: Fairfax (Metro DC)

Neena Shukla has extensive experience leading and managing assurance and consulting engagements, with a deep background advising on SEC compliance, mergers and acquisitions due diligence, revenue recognition, stock compensation, employee benefit plan audits, cybersecurity, fraud and forensic accounting. Her background includes working with varied types of businesses with a focus on government contractors, including those in the technology industry. In addition, she has clients in construction, real estate, not-for-profit, healthcare and manufacturing sectors.

Several special certifications add to Neena’s knowledge and allow her to provide clients with deep insight to help them perform at their peak. She has earned the Government Contract Accounting Certificate demonstrating her understanding of the unique accounting-related rules, problems, practices and demands of government contractors.  In addition to her CPA license, she holds credentials as a Certified Fraud Examiner (CFE), Chartered Global Management Accountant (CGMA) and Forensic Certified Public Accountant (FCPA).  In addition, she is a peer reviewer of employee benefit plan engagements for the AICPA’s Peer Review Program. Evidence of her commitment to the industry has been noticed by her colleagues as she has been named a Super CPA by Virginia Business magazine for her work in the Assurance category.

Neena embraces new technology, and is a committed volunteer in the community with various organizations focused on empowering young individuals to pursue careers in STEAM, science, technology, engineering, art and math fields. In addition, she chairs annual and quarterly nonprofit events for a local cultural organization and volunteers with a food pantry in Loudoun County.

PROFESSIONAL ASSOCIATIONS:

  • American Institute of Certified Public Accountants
  • Virginia Society of Certified Public Accountants (VSCPA)
  • VSCPA Education Foundation
  • Greater Washington Society of Certified Public Accountants
    • Government Contracting Committee
    • Employee Benefit Plan Committee
    • Not-for-Profit Committee
  • Association of Certified Fraud Examiners
  • National Contract Management Association
  • National Defense Industrial Association
  • Women in Defense Capital Chapter, Board Member
  • Women In Technology
  • ISACA (formerly the Information Systems Audit and Control Association)
  • Loudoun County Chamber of Commerce
    • Business Women of Loudon (BWOL) Committee Member
    • Government Contracting Committee Member
    • Loudon Technology Coalition

EDUCATION:

  • Bachelor of Arts with Honors in Accounting from the University of Wales, United Kingdom

ARTICLES:

Excessive Profits as a Government Contractor: Windfall or Downfall?

government contracting excessive profits

Government spending has increased, leaving Congress no choice but to review the Pentagon’s enforcement of the law related to the incomplete and inaccurate cost and pricing data used to establish contract pricing. First implemented in 1962 to level the playing field during contract price negotiation, the law has left many government contractors raking in the profits today. But what may seem like a windfall could lead to a downfall.

December 20, 2019 | Categories: Accounting, Government Contracting | Tags:

Government Contractors-Protect Against Unallowable Subcontractor Costs

effective tips to manage subcontractor costs

The Defense Contract Audit Agency recently questioned the allowance of subcontractor costs, not based on their reasonableness, but on the contractor’s lack of supporting documentation as defined in the cost principle. Government contractors can protect themselves and recover the costs they are owed, but there are steps to follow and documents to submit.

We Are All Ethical, Until We Are Unethical

government contracting business conduct and ethics

For government contractors, it is important to recognize your ethics and business conduct program must be tailored to your company’s specific risk profile.  This is a dynamic compliance process and has to be monitored and revised accordingly to keep it relevant and effective. Does your company’s business conduct and ethics program meet the necessary requirements?

July 25, 2019 | Categories: Accounting, Government Contracting | Tags:

Your Incurred Cost Proposal is Important

incurred-cost-proposal-requirements

Government contractors’ incurred cost proposals include all costs incurred during the fiscal year on both commercial and government contracts. For those with fiscal years the same as calendar years and work was performed on cost reimbursable and/or time and material contracts that include the Allowable Cost and Payment clause at FAR 52.216-7, it’s time to begin preparing and submitting your incurred cost proposal/submission.

June 24, 2019 | Categories: Government Contracting | Tags:

Developing an Indirect Cost Allocation Plan

Allocation Indirect Costs

Was your rate structure used to allocate indirect costs to your products or services established to satisfy your accounting software? Was it dictated by your customer? Did you set it up because you thought that is what was needed to win contracts? Did you get it from a book or seminar, or even Google? If you answered “yes” to any of these questions, you need to read further.

Contract Delays Can Rob Profits

Contract Delays Stealing Profits

Each time the government changes or delays an existing contract, the contractor can submit a Request for Equitable Adjustment (REA) to receive compensation for costs incurred due to the change. Sometimes contract completion is delayed simply because of planned contract performance as the result of the government’s improper actions or lack thereof prior to, and even during contract performance.

Due Diligence Should Be More Than Numbers

Due Diligence Process - Norfolk CPA

Whether it is to gain access to new technologies or increase resources and market presence, more companies, large and small are considering a merger or acquisition.  Due diligence during a merger with or acquisition of a government contractor should be more than just numbers.  Even those merger or acquisition targets with the best of numbers may not be a good fit, taking your company where you don’t want to go.

How to Handle a DCAA Audit

DCAA Audits - Warrenton CPA

If you have proposed on or been awarded a contract with the Federal government, and especially with the Department of Defense, you probably have been the recipient of a visit from the Defense Contract Audit Agency (DCAA).  While these visits to perform a multitude of audits and evaluations are not the end of the world, they should be taken and reacted to seriously.

The New DOL Fiduciary Rule – What Plan Sponsors Need to Know!

DOL Fiduciary Rule - Norfolk 401k Auditor

The U.S. Department of Labor (DOL) published its long awaited and highly controversial final rule on April 6, 2016, which addresses when a person is considered a fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA), when providing investment advice to a Plan, its participants and beneficiaries.

INDUSTRIES:
Construction and Real Estate, Employee Benefit Plans, Government Contracting, Not-for-Profit

SERVICES:
Audit & Assurance, Consulting, Cybersecurity
"I use my passion and experience in assurance and consulting to help clients solve their issues in a timely and effective manner. I embrace change and am a champion of learning and using the newest technologies to improve efficiencies."

 

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2019-12-10T13:48:32-05:00